Core Viewpoint - Citigroup indicates that the export landscape for Chinese passenger cars has further benefited BYD in the first four months of this year, with BYD's market share in pure electric vehicle exports significantly increasing from 23% in fiscal year 2024 to 38% in the first four months of 2025 [1] Summary by Category - **Market Share Growth** - BYD's pure electric vehicle export market share rose from 23% in fiscal year 2024 to 38% in the first four months of 2025 [1] - **Export Targets** - BYD is on track to meet its export target of 800,000 to 1,000,000 vehicles for fiscal year 2025 [1] - **Stock Price Adjustments** - Citigroup has raised the target prices for BYD's Hong Kong and A-shares to 727 HKD and 669 RMB, respectively, following a previous increase in February [1]

Core Insights - The global automotive market is witnessing a significant rise in the presence of Chinese brands, particularly electric vehicles (EVs), with positive recognition from international media and consumers [1][2]. Group 1: Market Expansion - BYD aims to achieve overseas sales of approximately 800,000 units by 2025, focusing on Southeast Asia, Central and South America, and Europe due to favorable trade relations [2]. - BYD has entered the Japanese market, surpassing Toyota's EV sales in Japan in 2023, and plans to increase product offerings and store openings in the region [2]. - As of April 2025, BYD's electric vehicles are available in over 110 countries and regions, with overseas sales of passenger vehicles exceeding 410,000 units in 2024, marking a 72% year-on-year increase [3]. Group 2: Production and Localization - BYD is accelerating the establishment of overseas factories, with completed plants in Thailand and Uzbekistan, and upcoming production bases in Brazil and Hungary [2]. - The company's localization strategy is crucial for its global expansion, contributing to local economies through job creation and tax revenue [2][3]. Group 3: Technological Advancements - BYD has developed a comprehensive new energy industry chain, covering batteries, motors, electronic controls, and chips, resulting in a 15%-20% lower cost per vehicle compared to competitors [3]. - The company invests 6.9% of its revenue in R&D, surpassing Tesla's 4.5%, and has accumulated over 190 billion yuan in R&D investments [3]. - BYD's innovative technologies, such as the CTB battery body integration, enhance space utilization by 66%, creating a competitive advantage [3]. Group 4: User Experience and Safety - The industry is advancing fast-charging technology, with BYD's solutions being 30%-60% faster than industry standards [4]. - BYD's Tengshi N9 achieved a record speed of 180 km/h in a challenging fishhook test, surpassing the previous record held by Porsche Cayenne [5].